India increased vegetable oil imports by 9.3% in March, but sunflower oil supplies fell to a 6-month low

India's edible oil imports increased by 9.3% in March, reaching 968,000 tonnes, as reported. This growth was primarily driven by a 24% rise in soybean oil imports and a 13.2% increase in palm oil imports, while sunflower oil imports experienced a 15.5% decline due to rising prices. The surge in palm oil imports has been limited for the past four months due to its higher prices relative to soybean oil. Russia has emerged as a significant supplier of sunflower oil to India, accounting for nearly 61% of the country's total imports in the current season, benefiting from lower prices compared to Ukrainian oil.

According to preliminary data, after falling to a 4-year low in February, India's edible oil imports rose by 9.3% to 968,000 tonnes in March, with soybean oil up 24% to 352,000 tonnes and palm oil up 13.2% to 423,000 tonnes, while sunflower oil imports fell 15.5% to a 6-month low of 193,000 tonnes due to a sharp increase in its prices. Palm oil imports remain lower than usual for the fourth consecutive month as its prices exceed those of soybean oil, which processors have begun to actively buy. According to the Oilseeds Association of India (SEA), in the 2023/24 MY (which ended in October 2024), India imported more than 750,000 tonnes of palm oil on average each month. But for several months now, palm oil prices have remained higher than soybean prices, which is reducing demand, experts at GGN Research, a company that trades edible oils, note. According to OleoScope, in the first 6 months of the current season, ...